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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019. There were no liabilities measured at fair value on a recurring basis as of December 31, 2019.

		Fair Value Measurements as of March 31, 2020 Using
		Totals At March 31, 2020				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	43,102			$	—			$	43,102			$	—
Commercial			48,740				—				48,740				—
Obligations of states and political subdivisions			3,952				—				3,952				—
Corporate notes			666				—				666				—
U.S. Treasury securities			81				—				81				—
Other liabilities - derivatives			2,541				—				2,541				—

		Fair Value Measurements as of December 31, 2019 Using
		Totals At December 31, 2019				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	46,345			$	—			$	46,345			$	—
Commercial			43,373				—				43,373				—
Obligations of states and political subdivisions			4,218				—				4,218				—
U.S. Treasury securities			80				—				80				—
Other assets - derivatives			301				—				301				—

Fair Value Assets Measured on Nonrecurring Basis

The following table presents the balances of impaired loans, OREO and assets held-for-sale measured at fair value on a non-recurring basis as of March 31, 2020 and December 31, 2019:

		Fair Value Measurements as of March 31, 2020 Using
		Totals At March 31, 2020				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Impaired loans		$	29			$	—			$	—			$	29
OREO			1,054				—				—				1,054
Assets held-for-sale			198				—				—				198

		Fair Value Measurements as of December 31, 2019 Using
		Totals At December 31, 2019				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Impaired loans		$	29			$	—			$	—			$	29
OREO			1,078				—				—				1,078
Assets held-for-sale			198				—				—				198

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

The following table presents information regarding assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of March 31, 2020. The table includes the valuation techniques and the significant unobservable inputs utilized. The range of each unobservable input and the weighted average within the range utilized as of March 31, 2020 are both included. Following the table is a description of the valuation technique and the sensitivity of the technique to changes in the significant unobservable input.

		Level 3 Significant Unobservable Input Assumptions
		Fair Value March 31, 2020				Valuation Technique		Unobservable Input		Quantitative Range of Unobservable Inputs (Weighted Average)
		(Dollars in Thousands)
Non-recurring fair value measurements:
Impaired loans		$	29			Multiple data points, including discount to appraised value of collateral based on recent market activity		Appraisal comparability adjustment (discount)		9%-10%		(9.5%)
OREO		$	1,054			Discount to appraised value of property based on recent market activity for sales of similar properties		Appraisal comparability adjustment (discount)		9%-10%		(9.5%)
Assets held-for-sale		$	198			Discount to appraised value of property based on recent market activity for sales of similar properties		Appraisal comparability adjustment (discount)		9%-10%		(9.5%)

Fair Value, by Balance Sheet Grouping

The estimated fair value and related carrying or notional amounts, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of March 31, 2020 and December 31, 2019 were as follows:

		March 31, 2020
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	56,121			$	56,121			$	56,121			$	—			$	—
Investment securities available-for-sale			96,541				96,541				—				96,541				—
Investment securities held-to-maturity			13,538				13,645				—				13,645				—
Federal funds sold			15,080				15,080				—				15,080				—
Federal Home Loan Bank stock			1,135				1,135				—				—				1,135
Loans, net of allowance for loan losses			539,685				542,410				—				—				542,410
Liabilities:
Deposits			682,595				668,433				—				668,433				—
Short-term borrowings			10,152				10,152				—				10,152				—
Other liabilities - derivatives			2,541				2,541				—				2,541				—

		December 31, 2019
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	57,030			$	57,030			$	57,030			$	—			$	—
Investment securities available-for-sale			94,016				94,016				—				94,016				—
Investment securities held-to-maturity			14,340				14,306				—				14,306				—
Federal funds sold			10,080				10,080				—				10,080				—
Federal Home Loan Bank stock			1,137				1,137				—				—				1,137
Loans, net of allowance for loan losses			545,243				559,911				—				—				559,911
Other assets - derivatives			301				301				—				301				—
Liabilities:
Deposits			683,662				682,828				—				682,828				—
Short-term borrowings			10,025				10,025				—				10,025				—

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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